07/24/2011 09:45 EDT | Updated 09/23/2011 05:12 EDT

Treasury secretary says lawmakers working on debt deal ahead of Asian markets

WASHINGTON - Treasury Secretary Timothy Geithner (GYT'-nur) says congressional leaders are putting together a framework for raising the nation's debt limit with a goal of announcing a deal before Asian markets open Sunday afternoon.

US officials worry that a lack of significant progress on the debt ceiling and other debt issues would roil worldwide markets when they open for business.

Geithner tells ABC's "This Week" that congressional leaders in both the Republican and Democratic parties insist that the debt limit will be raised before the default deadline of Aug. 2. He says President Barack Obama still demands that any agreement extend beyond the 2012 elections.